IRA Class 28 · General
Asset Finance Insurance in Kenya
Cover for assets financed through loans, leasing or hire-purchase under IRA Class 28.
What does Asset Finance Insurance cover?
Protects financed assets - vehicles, equipment, machinery - for the lender and borrower, often combined with credit-shortfall (GAP) cover.
Who needs Asset Finance Insurance?
Banks, asset-finance houses, leasing companies and their borrowers.
Examples of Asset Finance Insurance policies in Kenya
- Asset-finance motor cover
- Equipment asset-finance
- GAP insurance
Frequently asked questions
What is GAP insurance?
GAP cover pays the shortfall between an insurer's market-value payout and the outstanding loan balance after a total loss.
Regulation
Asset Finance Insurance is licensed under Class 28 of the Insurance Act (Cap 487) and supervised by the Insurance Regulatory Authority (IRA). Only insurers holding a current Class 28 licence may underwrite this cover in Kenya.